PA 513- Discussion A
Given the time constraints of the course, I wasn’t able to fully discuss corporate social responsibility (CSR). CSR refers to businesses engaging in self-regulatory behavior and integrating social welfare and environmental metrics into their business models. True CSR is not simply paying lip service to noble causes. Instead, a business must make actual structural changes to reflect their expanding set of values.
Below is a quote from Milton Friedman (yes, him again. MF was able to articulate his opinions with complete confidence and simplicity. This was both endearing to his fans and thoroughly annoying to his enemies; hence, he was a veritable quote machine):
“There is one and only one social responsibility of business-to use its resources and engage in activities designed to increase its profits so long as it stays within the rules of the game, which is to say, engages in open and free competition without deception or fraud.”
Unlike the other discussion questions, I am setting this forum up in a debate format. This topic is open to both groups. You are assigned to group 1, then your task is to defend Friedman’s argument by using your own words.